Coghlan expresses concern about mortgages controlled by debt investors or vulture funds

Speaking in the Seanad today (Wednesday), Fine Gael Senator for Kerry and Government Chief Whip, Paul Coghlan expressed his concern about mortgages controlled by vulture funds and debt investors.

“I am concerned about the activities of Pepper Asset Servicing and other credit servicing firms, particularly their activity since the onset of the financial crisis. 

“We have heard from all the main banks on their management of people in mortgage distress, but we have heard nothing from the debt investors or vulture funds which have acquired a large number of bank loans at a discount. 

“Often loans that are in distress will have had credit servicing firms appointed to them to have the loans managed on behalf of a bank. Thousands of home owners and businesses deal with these firms but we have not heard from their representatives.

“One entity in particular has bought debt directly from banks and is a debt investor.  It also acts as a credit servicing entity for other debt investors and may provide an insight from two perspectives. 

“It was reported last May that one of these firms had a house owner committed to prison for failure to honour a court order relating to repossession of a family home. 

“These entities have largely escaped any political review, which is not good enough, and that is why I raise the matter.”